Bitcoin testing the buyers’ interest
Market picture
Bitcoin rose 2.9% in the past 24 hours, surpassing the psychologically significant round level, now trading at $20.2K. Ethereum rose to $1350, adding 2%, which is in line with the entire crypto market valuation growth.
The Bitcoin price is testing its 50-day moving average on Wednesday morning. Decisive buying from the level of this curve could signal the market is moving into the next phase with more active buying. Right now, however, we draw attention to the increased caution of investors in the sector, as the equity market looks much more buoyant.
Glassnode estimates that 78,400 BTC belonging to miners could be at risk of liquidation if Bitcoin falls below $18.3K. Volatility could intensify after an extended period of consolidation of around $20K.
News background
Cryptocurrencies are losing popularity as an investment vehicle amid a bear market. According to a Bankrate survey, trust in digital assets has fallen the most among millennials, to 29% from 49% in 2021. The figure fell from 21% to 11% among the older generation.
Analyst firm Bolide Finance said investors prefer trading to stable returns in the DeFi sector, showing positive returns despite the crypto crisis and declining volumes.
International payments company Mastercard has unveiled Crypto Secure, a solution allowing banks to detect and prevent fraud on trading platforms that support cryptocurrencies.
The developers of Telegram’s Wallet bot launched a P2P service for direct buying and selling of bitcoin and Toncoin (TON) between users.
Author
Alexander Kuptsikevich, a senior market analyst at FxPro, has been with the company since its foundation. From time to time, he gives commentaries on radio and television. He publishes in major economic and socio-political media.
